Hardship available after loans at 50% have been exhausted

[PainPA]

Plan allows for 3 loans.

Employee has a balance of $15,000.00

All 3 loans are exhausted and total $7,500.00

Can participant take a Hardship of the remaining $7,500.00?

Is the 50% loan security only needed at the time of the loan?

Never came across this.

[401king]

50% only required at the time of the loan (otherwise you'd have issues when the market falls after a loan).

It's common for us to have a participant take a full loan from, say, Match source, then a hardship from their available deferrals.